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$

BTC $61,835 -3.44% ETH $3,016 -3.78% BNB $526 -7.04% SOL $128 -8.89% XRP $0.49
-1.46% ADA $0.443 -4.56%
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Tom Mitchelhill
Apr 05, 2024


SOLANA STRUGGLES: RECORD 75% OF USER TXS ARE FAILING... OR ARE THEY?

The Solana network appears to be struggling to keep up with a ravenous demand
for memecoins, with data showing roughly 75% of transactions on the network
currently failing.

22915 Total views
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Roughly three-quarters of all transactions on the Solana network have been
failing amid a deluge of activity brought by the recent memecoin mania on
Solana; however, proponents say the data is being widely misinterpreted. 

Dune Analytics data shows that on April 4, just over 75% of all “non-vote”
Solana transactions failed, the highest failure rate on record.

75.4% of non-vote transactions on Solana have failed. Source: Dune Analytics

The uptick has been paralleled by a recent uproar from Solana users on social
media, complaining of failed transactions and degraded user experience.

In an April 4 post to X, pseudonymous trader Altcoin Sherpa said that while he
still believed Solana would cement itself as the blockchain network for retail
adoption, he noted that the current user experience was currently less than
ideal.

> “As much as I think that SOL is the chain for retail this cycle — the
> experience is f---ing brutal lately.”


OR MAYBE IT’S BOT SPAM 

However, in an April 4 post to X, vocal Solana proponent and Helius CEO Mert
Mumtaz took issue with the claim that 75% of transactions were failing, noting
that the vast majority of failed non-vote transactions were simply “bot spam.”

Related: Solana activity flips Ethereum amid memecoin craze, even as txs fail


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“This is usually not a big problem for users because your wallet will simulate
the [transaction] and let you know that it will not work beforehand anyway,” he
said.

Mumtaz claimed that the failed transactions chart was “not a good way of
assessing user impact as most users don’t make it there to begin [with].”

“About 95% of that entire chart is just bots failing arbitrage attempts,” he
added.

Additionally, Mumtaz explained that because much of this spam activity occurs
before the scheduling process, increasing transaction priority fees won’t help
and that “increasing it above a certain median” will see users “waste money.”

Source: Mert Mumtaz

He added that it was unlikely that the upcoming 1.18 Solana network upgrade
would fix these issues, hinting that user experience on Solana could remain
degraded for some time.

> “Networking patches are what’s required, and those are rolling out soon.”

Solana CEO Anatoly Yakovenko took to social media to express his frustration at
the process of improving congestion bugs on the network. 

“Dealing with congestion bugs sucks so much more than total liveness failure.
The latter is one and done, bug is identified and patched and chain continues.
The former has to go through the full release and test pipeline. Shipping fast
is impossible,” wrote Yakovenko in an April 5 post to X. 

The price of Solana’s SOL

SOL

$128

has fallen around 3% in the last week, stumbling slightly after a 45% rally in
the last month. Its recent weekly drawdown has seen it fall back to being the
fifth-largest cryptocurrency by market capitalization, per CoinGecko data.

SOL currently commands a total value of $81 billion, trailing behind Binance’s
BNB

BNB

$526

at $89 billion.

Magazine: ‘SEAL 911’ team of white hats formed to fight crypto hacks in real
time

Explore more articles like this
Subscribe to our Crypto Biz newsletter

Weekly snapshot of key business trends in blockchain and crypto, from startup
buzz to regulatory shifts. Gain valuable insights to navigate the market and
spot financial opportunities. Delivered every Thursday
Subscribe

By subscribing, you agree to our Terms of Services and Privacy Policy

 * #Blockchain
 * #Cryptocurrencies
 * #Altcoin
 * #Transactions
 * #Solana
 * #Memecoin


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